本文通过建立截面数据多元回归模型,实证检验了基金经理教育水平及其他个人特性对基金业绩的影响。研究发现不同特性的基金经理存在业绩差别,具体而言,年老的海归经理业绩较好且统计显著;男性经理业绩比女性经理业绩差;CFA认证提高基金业绩,而MBA学位对业绩有反向作用。进一步进行业绩归因分析,表明这些业绩差别大部分可用基金经理的风险和费用偏好差异解释。
By constructing panel data multiple regression model, the authors make an empirical test of the effect of the education level and personal characteristics of fund managers on the performance of mutual fund. The research finds that the performances of managers with different characteristics are different. Specificly speaking, the performance of elder managers who have studied abroad is better, the statistics of which is obvious; the performance of male managers is poorer than that of female managers; CFA authentication improves managers' performance whereas MBA degree has reverse effect on fund performance. Further regression analysis of performance suggests that the performance difference can be explained by the difference in fund managers' risk and expense preference.